The Economic and Financial Crimes Commission (EFCC) has issued a warning to Nigerians about the activities of 58 illegal Ponzi scheme operators defrauding unsuspecting investors under the guise of legitimate investment opportunities.
In a statement released on Tuesday, EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed that these companies are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their operations illegal.
Oyewale noted that the commission has taken legal action against many of the entities, securing convictions for five, while another five have pleaded guilty and await further judicial proceedings. Several other cases are still pending arraignment.
EFCC’s Statement on Fraudulent Investment Schemes
“In line with its commitment to sanitizing the nation’s financial space and providing the investing public with accurate and reliable information, the EFCC alerts Nigerians to the operations of 58 companies posing as investment entities but defrauding citizens of their hard-earned money,” the statement read.
The listed companies include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, and Farmforte Limited, among others.
The EFCC urged Nigerians to verify any investment opportunity with regulatory bodies before engaging, emphasizing its commitment to safeguarding the public from fraudulent schemes.
“We urge the public to verify any investment opportunity with the CBN and SEC before committing their funds. The EFCC remains committed to protecting Nigerians from predatory operators and ensuring a corruption-free economic environment,” Oyewale stated.
The commission also encouraged victims of fraudulent schemes to come forward with complaints, assuring them that efforts are ongoing to recover lost funds where possible.
